Unbalanced and inadequate development has led to challenges such as resource shortage, ecological fragility, and economic backwardness in the water-receiving area of Henan Province, which has hindered the high-quality development of the region. This research aims to construct a high-quality development regulation model. The single-indicator quantification–multi-indicator synthesis–multicriteria integration (SMI-P) method was used to evaluate the level of regional development; using the method of embedded system dynamics, the regulation model was constructed and applied. The results show that (1) from 2011 to 2020, the degree of regional high-quality development showed an increasing trend, rising from a low level (0.34) to a medium level (0.57), an increase of one level, but the level of high-quality development still has a lot of room for improvement and faces great challenges; (2) the development of a resource–ecology–economy–social system was in a state of non-harmonious balance, and the proportion of contributions of each system was very different, but the system was developing towards a state of harmony and balance; (3) based on the constructed high-quality development regulation model, the key constraints affecting the high-quality development of the Yellow River water supply area in Henan Province are per capita water consumption, per capita energy consumption, carbon emissions per capita, GDP per capita, etc. The model constructed in this paper can improve the quality development level through the application of examples. The high-quality development degree of the study area was increased from 0.57 to 0.8.